Cryptocurrency trading platform Wirex recently launched a credit product - offering loans backed by crypto holding, marking its first major step into the lending space. Customers of Wirex will be able to borrow up to 80% against the total value of cryptocurrency they hold, at an APR of 0% for NXUSD credit line, or 2% otherwise.
Wirex’s dive into crypto loan is the latest addition to the booming crypto lending scene. Crypto loans have a high level of flexibility compared to traditional loans, with almost instant settlement and little to no restrictions on when customers can start paying back. In addition, customers of Wirex is only required to pay for interests for the duration where the credit line is live, with no obligation for any pre-defined period. It is worth noting that customers will maintain the ownership of tokens when taking out loans with Wirex.
Learn more by visiting the original source.
Revolut launches a campaign to support Afghanistan
Forbes Announced World's Best Banks of 2021
bunq announces Update 18
German neobank Nuri files for insolvency